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Transactional demand for central bank digital currency
Nocciola, Luca; Zamora-Pérez, Alejandro - 2024
We shed light on the demand for a central bank digital currency (CBDC) as a means of payment, based on survey payment … data. We provide a quantitative framework to assess transactional demand for CBDC at the point of sale, accommodating a … wide range of design choices. We develop a structural model of payment means adoption and usage and estimate CBDC demand …
Persistent link: https://www.econbiz.de/10014526662
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Should central banks issue digital currency?
Sanches, Daniel; Keister, Todd - 2021
Persistent link: https://www.econbiz.de/10012744670
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Should central banks issue digital currency?
Keister, Todd; Sanches, Daniel - 2019
We study how the introduction of a central bank-issued digital currency affects interest rates, the level of economic activity, and welfare in an environment where both central bank money and private bank deposits are used in exchange. Banks in our model are financially constrained, and the...
Persistent link: https://www.econbiz.de/10012058995
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Centralized and decentralized payments networks : a simple cost comparison
Stella, Peter - In: The journal of financial market infrastructures 11 (2024) 2, pp. 1-11
Persistent link: https://www.econbiz.de/10014556441
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Should central banks issue digital currency?
Keister, Todd; Sanches, Daniel - In: The review of economic studies : RES 90 (2023) 1, pp. 404-431
Persistent link: https://www.econbiz.de/10013547780
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Monetary policy in the open economy with digital currencies
Cova, Pietro; Notarpietro, Alessandro; Pagano, Patrizio; … - 2022
Persistent link: https://www.econbiz.de/10013382141
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A unified framework for CBDC design : remuneration, collateral haircuts and quantity constraints
Assenmacher-Wesche, Katrin; Berentsen, Aleksander; … - 2021
We study the macroeconomic effects of central bank digital currency (CBDC) in a dynamic general equilibrium model …. Timing and information frictions create a need for inside (bank deposits) and outside money (CBDC) to finance production. To … steer the quantity of CBDC, the central bank can set the lending and deposit rates for CBDC as well as collateral and …
Persistent link: https://www.econbiz.de/10012596299
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Monetary policy with reserves and CBDC : optimality, equivalence, and politics
Niepelt, Dirk - 2020
reserves and a retail CBDC. Monies differ with respect to operating costs and liquidity. We map the framework into a baseline … must be taxed or subsidized. We generalize the Brunnermeier and Niepelt (2019) result on the macro irrelevance of CBDC but …
Persistent link: https://www.econbiz.de/10012318352
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Monetary policy with reserves and CBDC: optimality, equivalence, and politics
Niepelt, Dirk - 2020
reserves and a retail CBDC. Monies differ with respect to operating costs and liquidity. We map the framework into a baseline … must be taxed or subsidized. We generalize the Brunnermeier and Niepelt (2019) result on the macro irrelevance of CBDC but …
Persistent link: https://www.econbiz.de/10012318684
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Monetary policy with reserves and CBDC: optimality, equivalence, and politics
Niepelt, Dirk - 2020
reserves and a retail CBDC. Monies differ with respect to operating costs and liquidity. We map the framework into a baseline … must be taxed or subsidized. We generalize the Brunnermeier and Niepelt (2019) result on the macro irrelevance of CBDC but …
Persistent link: https://www.econbiz.de/10012319572